Thursday June 26, 10:58 AM
Iberdrola unveils 18.8 billion euro 5-year renewable energy investment
MADRID (Thomson Financial) - Spanish renewable energy specialist Iberdrola Renovables (Madrid: IBR.MC - news) , one of the world's largest operators, announced on Thursday five-year investment of 18.8 billion euros, with 50 percent in the United States.
The group, a unit of the larger Iberdrola (Madrid: IBE.MC - news) power group, also said its net profit would rise to 1.0 billion euros in 2012 from 400 million this year.
Renewable energy (LSE: REH.L - news) specialists are in a booming market, because of record high prices which have increased interest in alternative sources of power.
The investment plan is expected to be approved at the company's annual general meeting on Thursday.
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